Due to the increasing demand of users and for maximum client satisfaction, one of Russia’s largest banks Sberbank will now let users issue their NFTs on its blockchain platform.
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Sberbank Will Allow Users to Mint NFTs on its Blockchain Network Soon
In March, Sberbank developed its blockchain platform following the approval by the Central Bank of Russia in the same month, currently, only legal entities are permitted to use the blockchain platform. However, an option to allow private individuals to issue, buy and sell NFTs will be available on the Sberbank network by the fourth quarter of the year, says the bank’s Deputy Chairman Anatoly Popov during the Eastern Economic Forum in Vladivostok.
Some months after the unveiling of the platform, businesses were permitted to issue Digital Financial Assets (DFAs) certifying financial claims, buy assets allocated on the platform, and engage in other transactions as permitted by Russian law.
In January 2021, the “On Digital Financial Assets” law became effective. By the end of this year, the Moscow Exchange plans to list DFAs.
The bank’s senior executives also disclosed the bank’s intent to start cooperating on projects with art sites, galleries, and potentially sports organizations for NFT collections related to games and tournaments.
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Crypto is Partially Regulated in Russia
Russia has not fully regulated crypto as the existing legal framework only applies to crypto having an issuer, soon, the State Duma, Russia’s lower house of parliament will review the new law on “Digital Currency.”
Most government institutions in Russia still support that the Russian ruble should be the only currency that is legally tendered in the country, yet, there have been growing demands for the involvement of digital currencies in cross-border trades, probably to circumvent western sanctions.
